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Why you shouldn't try to mine for Bitcoins

Discussion in 'Members' Lounge' started by get_nick, Aug 20, 2014.

  1. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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  2. Briansol

    Briansol Admins Admin VIP

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    i still don't see BC getting popular. It's news hayday is gone too. The price dumps of 30% day in and day out are far too volitle for anyone with a brain to hold on to it.
     
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  3. GSRCRXsi

    GSRCRXsi Super Moderator Moderator VIP

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    Price has been stable for a while now. 5-600 ish.

    Mining straight bitcoin isn't worth it unless you own an ASIC factory in China.

    I used to mine "scrypt" coins and CPU-based coins and trade them for bitcoins. Then sell for cash. It was quite profitable. Until the scrypt ASICs came out and the difficulty (and profits) went to shit. So i threw in the towel.

    Not worth it anymore unless you want to make the VERY risky investment of buying ASIC hardware.
     
  4. awptickes

    awptickes unimpressed by you VIP

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    Honestly, it hasn't been worth it for years. I still need to find all that bitcoin I "lost" somewhere in my house. (before the advent of online wallets, you had to store it all on your hard drive.)
     
  5. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    True, i'm just simply showing what current competition looks like. As recently as 6 months ago I've seen companies selling computers and drives made for mining.
     
  6. awptickes

    awptickes unimpressed by you VIP

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    A little over two years ago someone used the GPU farm in my building to mine bitcoin. The court case is still going on, but I'm pretty sure they're going to wind up going to jail for a long time. They made some obscene amount of money -- and never reported it as income.
     
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  7. Drake

    Drake Well-Known Member VIP

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    Yeah I imagine that is not going to end well.
     
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  8. awptickes

    awptickes unimpressed by you VIP

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    So, I just asked about it (I don't work close to it anymore) and the dude settled. He's serving ten years, plus repayment of all of the CPU/GPU time he used and the taxes for the estimated amount of money he made, based on CPU/GPU time used (they have logs). I heard it's somewhere near 17 million.
     
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